浦银国际策略观点：推动中长期资金入市，情绪面和资金面有望改善

Core Viewpoints - The report emphasizes the implementation of a plan to promote long-term capital inflow into the market, which is expected to improve market sentiment and liquidity [2][4] - The plan aims to optimize the capital market system and drive funds into fundamentally sound listed companies, fostering a positive cycle of capital flow [2][4] Key Areas of Focus - The plan is expected to enhance market sentiment and trading liquidity in the short term, with a target of at least 100 billion yuan in insurance funds allocated for long-term stock investments, including 50 billion yuan approved before the Spring Festival [3][4] - A-shares are anticipated to benefit more than Hong Kong stocks and U.S.-listed Chinese stocks due to this plan [3] - The report suggests focusing on high-quality dividend stocks, as the dividend yield of the CSI 300 index has reached 3%, highlighting the investment value in the market [3] - Over 310 listed companies are expected to distribute more than 34 billion yuan in dividends in the two months leading up to the Spring Festival [3] Implementation Measures - The plan sets clear targets for long-term capital inflow, requiring public funds to increase their holdings of A-shares by at least 10% annually over the next three years [4][5] - It aims for large state-owned insurance companies to allocate 30% of their new premiums to A-share investments starting in 2025 [4][5] - The plan includes a long-term performance assessment for public funds and state-owned insurance companies, reducing the weight of annual performance metrics [4][5] - It seeks to increase the scale and proportion of equity funds, optimize the investment ecosystem, and encourage share buybacks and multiple dividend distributions [4][5] Market Impact - The introduction of hard targets for long-term capital inflow is expected to provide substantial and stable incremental funds to A-shares annually [4][5] - The plan aims to enhance the quality of information disclosure by listed companies and strengthen their commitment to returning value to investors through cash dividends and share buybacks [4][5]